This annual economic forecast presents the long-term national outlook. The U.S. economic outlook is presented in a separate section.
Canadian Outlook Long-Term Economic Forecast: 2016
Canadian Outlook Long-Term Economic Forecast: 2016
Canadian Economic Analysis
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- The U.S. economy is currently one of the bastions of global economic growth and strong demand south of the border will lift Canada’s trade sector.
- The depreciation of the loonie, combined with strong American demand, will make the trade sector one of the most important drivers of Canadian growth over the next few years.
- The output gap has widened recently and is not expected to close until 2020. Once the economy reaches its full capacity, economic growth will be restrained by slowing potential output growth.
- As the exodus of baby boomers from the labour market accelerates, potential output growth will slow.
- Strong immigration will not offset Canada’s aging trend, but it will help keep the total population growing by 0.9 per cent per year, down slightly from 1 per cent growth over the past 20 years. By 2035, Canada’s population will reach 42.9 million, up from 35.8 million today.<
- Monetary easing is on hold for now.
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